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North Dakota agriculture commissioner warns of squeezed farm margins, details department programs
Summary
Agriculture Commissioner Doug Goring told the interim government operations/budget section that commodity prices and record production coexist with rising production costs, and reviewed department programs from plant and livestock services to trade and grant management.
Agriculture Commissioner Doug Goring briefed the Government Operations/Budget Section on the state of North Dakota agriculture, stressing that high production has not erased pressures on farmers because input and production costs have increased sharply.
Goring said global production for corn and soybeans has been strong but pointed to structural demand imbalances in parts of the Eastern Hemisphere. "Our problem is the cost of production," he told the committee, citing higher prices for supplies, repairs, parts, equipment, transportation, fertilizer and chemicals.
Goring gave specific market figures: soybean cash prices he cited at about $8.65 per bushel versus a referenced breakeven near $10.32; corn breakeven around $3.80 with market prices near $3.60; and wheat…
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